A BUTCHER'S FAILURE.

Auckland Star, Volume XLIX, Issue 71, 23 March 1918, Page 4

A BUTCHER'S FAILURE.

■} VENTURE .ENDS BADLY. ■ . A meeting of creditors in the bank- "'"''.; rupt estate of John Malcolm Small, butcher, of Clonbera Road, Remuera' was held yesterday afternoon at the office of the Official Assignee (Mr W. S. Fisher). The bankrupt's schedule showed liabilities to secured creditors £225, to unsecured creditors £245, and assets avail- -■ able for distribution to the latter £179. ; His statement was to the effect that he bought the butchery business for £450 i n August last, giving the- equity on his house, as representing £215 of this, anil a bill of sale for the balance. After a time he found it necessary to put a man in charge of the business and to take a job himself at the Southdown ' Freezing Works, part of his wages going to pay the expenses of the business Eventually he handed over the business to the man from whom he bought it He considered now that ho had paid too much for the business, which was one in which he was, bound to.lose his capital. After the purchase he had no working capital. ■ In answer to the Assignee, the hank: rupt said that previously He had earned his living as a slaughterman, and had no business experience. He did not consult anyone except the vendor (Mr' Thos. Martin) and his agent before purl chasing. The trade, which was all done over the counter, was supposed to beworth £30 to £35 a week. When he • went to the freezing works he paid his brother-in-law £5 a week to manage the business and keep the books. His own wages were about £7 a week, at the height of the season. Mr. Matthews, for the bankrupt, raid that the latter had never taken anything out of the business for his oW wages, but had kept himself and his wife out of what he earned at the free.ing works. The Assignee stated that he would have the stock-in-trade valued for sale, but he had small hope of realising muck upon it.